Wednesday, October 21, 2020

Revenue rises but losses widen at Leicester cloud software business

CloudCall, the Leicester-based cloud software business, has seen losses widen as revenue rose in the six months to 30 June 2020.

According to unaudited interim results, revenue was up 11% to £5.81m from £5.25m in the same period of 2019. However pre-tax losses grew in the period to £2.64m, from £1.83m in 2019.

Simon Cleaver, Chief Executive Officer, said: “The Board believes COVID-19 will have long lasting effects on how businesses operate, where the staff are based and what they require from their communications provider.

“The influx of new customer sign-ups in June, July and August clearly signposts that location flexibility, productivity monitoring and improvement tools and data capture for improved decision making will become must-haves for technology stacks to support new ways of working.

“CloudCall, with its call recordings, supervisor tools and expertise in syncing communications with third-party systems has a head start in this area. We’re already well placed and have plans to further capitalise on this structural market shift which we look forward to detailing later this year.

“The Group has already returned to monthly recurring revenue growth, and if market conditions continue to improve, the Board fully expects the Group to return to its previous levels of growth in due course.

“As a result of this, and assuming a continuation of the current trends, the Group is now confident that it can expect to deliver modest revenue growth for 2020, which will continue to build in 2021. 

“However, with the continuing uncertainty surrounding the speed of any recovery and the possibility of a second wave of the virus, the Board feels it remains prudent to withhold guidance for 2021 at this stage.”

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